USA stocks rise as Wall Street grows calmer after big swings

10/02/2018

Tuesday, with the Dow sitting down roughly 100 points, or 41 basis points, Apple was one of the biggest gainers of the day, up 2.61% to $160.58 at the time of writing.

Since the S&P 500 index peaked on January 26, the market has lost more than $3 trillion in total value. The Standard & Poor's 500 index lost 0.5 percent to 2,681.66. Consider this: The S&P 500 has risen or fallen 1 percent five times in the past two weeks. The Dow surged 567 points higher on Tuesday, and at one point Wednesday it was poised for a two-day gain of nearly 1,000 points.

The market mood turned decidedly fearful on Monday when the Dow Jones industrial averageposted its biggest percentage decline since August 2011, driven by fears the U.S. Federal Reserve will raise interest rates faster than expected due to a pick-up in wages.

Market experts said the sell-off, including the overnight slide in S&P 500 futures, may have been magnified by the violent unwind of a trade betting on volatility in U.S. stocks staying low as the CBOE Volatility index, known as the VIX, notched its biggest one-day jump on Monday in over two years.

The market, now in its second-longest bull run of all time, had not seen a correction for two years, an unusually long time.

The Dow Jones industrial average finished down 19 points, or 0.1%, at 24,893.35.

Keith points out that much of Monday's drop was the result of automated trading systems. Strong economic performance and prospects with the then-recent USA tax reforms had fuelled a bull market which saw the measure's value rocket up 1,000 points in 12 days. On Tuesday, the blue-chip average swung almost 1,200 points from its low to its high before finishing up 567 points, or 2.3%.

US Treasury yields, which helped trigger the violent downturn in equities this month, remain around four-year highs.

Traders saw the Dow drop 1,175 points amid a sell off rush.

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At the heart of the pullback is a rise in US bond yields due to growing expectations that a robustly performing economy will lead to higher inflation and a steady rise in official interest rates over this year.

European shares rose around 0.7 percent, while Asian markets were mixed. The Dow edged 0.1 percent lower to 24,893.35. Just after opening bell, the Dow declined 567 points then raced back to a 350-point gain, and by noon EST Tuesday was up 34 points for the day.

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The Dow surged 567 points higher on Tuesday, and at one point Wednesday it was poised for a two-day gain of nearly 1,000 points. It's unclear if the global markets are really moving in "lockstep", as some observers have suggested, but uncertainty abounds.

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